Leases (Tables)

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Supplemental Balance Sheet Information

	Balance Sheet Location	February 3, 2024		January 28, 2023
Assets
Operating leases	Operating lease assets	$	2,758	$	2,746
Finance leases	Property under finance leases, net(1)		43		50
Total lease assets		$	2,801	$	2,796
Liabilities
Current:
Operating leases	Current portion of operating lease liabilities	$	618	$	638
Finance leases	Current portion of long-term debt		13		16
Non-current:
Operating leases	Long-term operating lease liabilities		2,199		2,164
Finance leases	Long-term debt		21		26
Total lease liabilities		$	2,851	$	2,844

(1)

(1)Finance leases were recorded net of accumulated depreciation of $54 million and $50 million as of February 3, 2024, and January 28, 2023, respectively.

Components of Lease Cost

	Statement of Earnings Location	2024		2023		2022
Operating lease cost(1)	Cost of sales and SG&A(2)	$	777	$	780	$	770
Finance lease cost:
Depreciation of lease assets	Cost of sales and SG&A(2)		16		15		13
Interest on lease liabilities	Interest expense		1		1		1
Variable lease cost	Cost of sales and SG&A(2)		239		233		238
Sublease income	SG&A		(11)		(12)		(13)
Total lease cost		$	1,022	$	1,017	$	1,009

(1)

(1)Includes short-term leases, which are immaterial.

(2)Supply chain-related amounts are included in Cost of sales.

Other Information

	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	772		$	781
Operating cash flows from finance leases		1			1
Financing cash flows from finance leases		14			18
Lease assets obtained in exchange for new lease liabilities:
Operating leases		717			809
Finance leases		11			18
Weighted average remaining lease term (in years):
Operating leases		5.2			5.1
Finance leases		5.9			5.5
Weighted average discount rate:
Operating leases		3.6	%		3.0	%
Finance leases		3.9	%		3.2	%

Future Lease Payments

	Operating Leases(1)		Finance Leases(1)
Fiscal 2025	$	708	$	16
Fiscal 2026		675		10
Fiscal 2027		559		6
Fiscal 2028		432		3
Fiscal 2029		288		1
Thereafter		460		3
Total future undiscounted lease payments		3,122		39
Less imputed interest		305		5
Total reported lease liability	$	2,817	$	34

(1)Lease payments exclude $118 million of legally binding fixed costs for leases signed but not yet commenced.